Kolkata's ITC bolsters growth with planned product launches

By

Isabelle Crossley

Published
Jul 3, 2018

The Kolkata based conglomerate ITC has revealed that it aims to become the largest fast moving consumer goods (FMCG) company in India and, in order to achieve this, it is launching a host of new products.

ITC has announced that it will be launching between 30 and 40 new products on a yearly basis to greatly expand the business. Products across a range of market sectors will be released including personal care and beauty, food, and others.

B Sumant, ITC’s President, spoke to ET at the business’ Virginia House headquarters in Kolkata and said: “To achieve our revenue target of Rs 1 lakh crore by 2030 from the new FMCG businesses, we are strengthening our existing categories and venturing into newer ones… A lot of resources are being invested in product development with a strong R&D team.”

The business currently makes the majority of its revenue from cigarette sales, followed by food products and also sells personal care products, skincare, safety matches, and stationery. Recent brand acquisitions include Dermafique, a skincare line and Nimyle, an herbal floor cleaner.

ITC plans to acquire brands that can be scaled up using its pre-existing distribution network which will cut logistics costs and make break-even more attainable. With this business plan, ITC aims to take on its main competitors, Hindustan Unilever and Patanjali Ayurved.